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India's forex reserves cross $93 bn

November 15, 2003 15:01 IST

India's foreign exchange reserves crossed the $93 billion mark following a further rise of $613 million due to fresh inflows for the week ended November 7.

The country's foreign exchange reserves increased from $92,598 million to $93,211 million in the period under review, according to the Reserve Bank of India's weekly statistical supplement released in Mumbai on Saturday.

The foreign currency assets grew to $89,287 million, up by $613 million, it said.

Gold reserves and special drawing rights, however, remained unchanged at $3,920 million and $4 million respectively, the apex bank added.

The reserve tranche position with the IMF saw a decline of $11 million at $1,194 million. The RTP may change, from time to time, due to India's transactions under financial transaction plan with the IMF.

RBI said loans and advances for the central government maintained their nil balance while that for state governments rose by Rs 1,012 crore (Rs 10.12 billion) at Rs 6,095 crore (Rs 60.95 billion).

Aggregate deposits of scheduled commercial banks for the fortnight ended October 31 rose by Rs 5,367 crore (Rs 53.67 billion) at Rs 13,91,209 crore (Rs 13,912.09 billion).

Bank credit stood at Rs 7,61,210 crore (Rs 7,612.10 billion), higher by Rs 8,798 crore (Rs 87.98 billion) in the reporting fortnight.

Food credit increased by Rs 1,869 crore (Rs 18.69 billion) at Rs 36,020 crore (Rs 360.20 billion) while non-food credit rose by Rs 6,929 crore (Rs 69.29 billion) at Rs 7,25,189 crore (7,251.89 billion), RBI said.


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